... CRANBURY N.J. March 19 2013 /PRNewswire/ ...Palatin is conducting in vitro and animal in vivo studies with the pep...The peptides claimed in the '914 application are highly specific for t... We are excited by the potential of our novel melanocortin receptor-1 ...

CRANBURY, N.J., March 19, 2013 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE MKT: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, announced today that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Patent Application Serial Number 13/472,914 (the '914 application). The application includes composition of matter claims on two of Palatin's most advanced melanocortin receptor-1 specific peptides.

Palatin is conducting in vitro and animal in vivo studies with the peptides claimed in the allowed patent and with related peptides. Proposed indications under study include dermatologic indications such as vitiligo and erythropoietic protoporphyria, inflammatory bowel disease, ocular indications such as uveitis and dry eye, and nephritis and other kidney conditions. Palatin plans to designate an initial clinical lead peptide candidate in the first half of 2013 and start toxicology and other preclinical studies preparatory to filing an Investigational New Drug Application with the U.S. Food and Drug Administration.

The peptides claimed in the '914 application are highly specific for the melanocortin-1 receptor, with sub-nanomolar affinity binding and EC50 functional values. The peptides are also highly selective for the melanocortin-1 receptor, with greater than one thousand times the affinity for the melanocortin-1 receptor than for the melanocortin-4 or melanocortin-3 receptors.

"We are excited by the potential of our novel melanocortin receptor-1 peptides," stated Carl Spana , Ph.D., President and CEO of Palatin. "There are a number of significant unmet medical needs for which our highly specific and selective peptides can potentially provide new therapies."

A Notice of Allowance is issued after the USPTO makes a determination that a patent can be granted from an application. The issued patent would have a term that expires no earlier than in 2030. The 13/472,914 Notice of Allowance has been posted on the USPTO public PAIR website.

About Palatin Technologies

Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at http://www.palatin.com.

Forward-looking Statements

Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc. such as statements about potential clinical utility of melanocortin receptor-1 peptides, whether the subject patent will issue or adequately protect against competition, the future status of pending and planned patent applications, potential clinical trial results, potential actions by regulatory agencies including the U.S. Food and Drug Administration (FDA), regulatory plans, development programs, proposed indications for melanocortin receptor-1 peptide product candidates and market potential for melanocortin receptor-1 peptide product candidates, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of nonclinical, preclinical and toxicology studies, result of clinical trials, regulatory actions by the FDA and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

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